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Hurricane Melissa slams Caribbean and accelerates towards Bermuda
Hurricane Melissa, which swept through the Caribbean on Thursday and was seen gaining speed as it moved across open water towards Bermuda, left a path of destruction and high winds from Jamaica to Cuba. As the storm passed, people in the Bahamas and Turks and Caicos were slammed with rain and dangerous winds. Bermudans, located around 600 miles (970km) northeast of the last position of the storm, prepared for the expected evening arrival. Authorities in the region are struggling to keep up with the devastation. They have confirmed 25 deaths, 10 of which were children, in Haiti and four in Jamaica. According to the U.S. National Hurricane Center at 1200 GMT, Melissa had winds close to 105 mph (165 kph) and was downgraded to a Category 2. WALKING BAREFOOT IN MUD The Florida-based forecaster predicted that it would continue to accelerate northeastward, and "pass northwest of Bermuda" on Thursday before likely weakening Friday. Bermuda will, among other things, close its causeway Thursday night as well as all schools and ferry services on Friday. This is "out of a sense of abundance of caution," said National Security Minister Michael Weeks in a press release. He said: "I urge all residents to be vigilant as we face another natural threat to the way of our lives." He added that people should stay off the roads and check on their neighbors until further notice. Melissa, the strongest hurricane to ever directly strike Jamaica, struck the island on Tuesday. It had sustained winds of over 185 mph - far exceeding the minimum strength required for a hurricane classified as Category 5. Alfred Hines, aged 77, described how he narrowly escaped the floodwaters in a Montego Bay neighbourhood. He waded through thick mud with his bare feet. He said on Wednesday, "I saw the water around my neck and then (after) 10 minutes, I saw it at my waist. I made my escape." I just want it to be over and for things to return to normal. Kingston, the capital city of Jamaica, was spared from the worst damages and its airport is set to reopen Thursday. The U.S. forecaster AccuWeather estimates that Melissa will cost up to $22 billion dollars in economic losses and damages. Rebuilding could take 10 years or longer. The front page of the Jamaica Observer on Thursday read "DEVASTATION". EVACUATIONS & FLOODS AccuWeather reported that Melissa was the Caribbean’s third most intense hurricane recorded, and its slowest moving, making it particularly destructive. As the storm approached the Bahamas, the government evacuated nearly 1,500 people in one of the largest evacuations it has ever conducted. Video showed Wednesday that high winds tore up palm trees at a resort in the vicinity of George Town and created waves. The hurricane did not hit Haiti directly, but it pounded the Caribbean nation with rain for days. Authorities reported that at least 25 people died, mostly due to flooding in Petit-Goave. This coastal town is 64 km west from the capital, where a river burst it's banks. Haiti's disaster agency reported that at least 12 people were missing and 10 children had died. More than 1,000 homes in Haiti have been submerged and more than 12,000 people have moved to emergency shelters. According to initial media reports, Cubans in at least 241 isolated communities were still without communication on Wednesday after the storm passed through Santiago province. This affected up to 140,000 people. As the storm approached, authorities in eastern Cuba evacuated approximately 735,000 residents. Scientists claim that hurricanes are becoming more intense and occurring with greater frequency due to the warming of ocean water caused by greenhouse gas emission. Many Caribbean leaders are calling on heavily polluting nations to offer reparations, either in the form or aid. Reporting by Sarah Morland, Brendan O'Boyle, Steven Aristil, Herbert Villarraga, Dave Sherwood, Zahra Burton, and Maria Alejandra Cardona from Mexico City; writing by Andrew Heavens and editing by Timothy Heritage.
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Vulcan Materials posts quarterly results above estimates on strong construction demand
Vulcan Materials, the U.S. construction materials giant, reported quarterly profits and revenues above Wall Street expectations on Thursday. This was fueled by a resilient demand for concrete, asphalt, and other building aggregates. The company said that favorable weather conditions in most of its markets and strong public construction activities helped it boost aggregate shipments 12% during the third quarter. As we look ahead to 2026 ,...we anticipate continued strength in the public construction sector and an improved private non-residential outlook. This combination should also benefit a healthy pricing environment, said CEO Tom Hill. LSEG data shows that the company expects its 2025 adjusted EBITDA range to be between $2,35 billion and $2,45 billion. This is compared to analysts' estimates of $2,43 billion. Vulcan announced a third-quarter adjusted net profit of $2.84 a share, which was above the analysts' estimate of $2.72. The country's largest producer in construction aggregates reported a gross profit of 612,1 million dollars, an increase of about 23% compared to a year ago. The company reported $2.29 billion revenue for the third quarter ending September 30, exceeding estimates of $2.27. Reporting by Abhinav Paramar in Bengaluru
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Exclusive -State Street removes US Fund arm from climate group
State Street, third largest asset manager in the world, announced that it will withdraw the majority of its operations from the main global climate alliance of the sector, despite its efforts to retain its members by relaxing the rules. State Street's spokesperson did not give a reason for its decision to withdraw its U.S. division from the Net Zero Asset Managers program, but said that the European units would continue to be part of the State Street group. State Street's spokesperson stated that they were "determined to redefine our membership to NZAM in order to support our clients who have net-zero investment goals and objectives". State Street Investment Management's decision, which involves $5.4 trillion of assets, coincides with other major U.S. funds evaluating their memberships in light of rule changes. This is in response to political pressure from the United States and in advance of climate talks in Brazil. NZAM HAS CHANGED THE STATEMENT OF ITS MEMBERSHIP CONDITIONS NZAM was launched five years ago with the aim of addressing financial risks associated with climate change, and providing a platform for collective actions. However, critics have accused it of possible antitrust violations. Vanguard, followed by BlackRock as the industry leader, left the group. This prompted NZAM's review of their activities which culminated on Wednesday with confirmation that membership rules will be relaxed. JPMorgan’s fund division also left the group back in March. NZAM no longer requires members to achieve net-zero emissions portfolio by the mid-century or to set interim goals. Members will be asked to do simpler things, such as providing information on climate risk to clients. State Street refused to discuss the new rules or specify what percentage of assets would be covered by NZAM membership. Other firms that assess membership State Street stated that its EU and UK subsidiaries remain "subjected to our fiduciary duty to our clients", and added that its business "remains at all times independent in investment decisions". The language could be used to counter claims made in Texas, where the Republican Attorney General of Texas has sued State Street BlackRock and Vanguard for their climate records and cited NZAM membership as proof that they have engaged in improper collective behavior. A judge in August allowed the majority of claims to proceed. Maria Elena Drew said that T. Rowe Price, the Global Head of Sustainability at T. Rowe Price, would be reviewing whether it remained a signatory after a period of three months evaluation by NZAM. She said: "Whether or not we do, we are committed to making investment decisions and stewardship with an understanding all material risks, opportunities, and those related to climate and environment," Wellington Management sent an email to say that they were currently reviewing the NZAM commitment. We maintain that we believe material ESG factors, such as climate considerations can impact the long-term value and profitability of assets in which we invest. It is therefore in the best interests of our clients for us to analyse them. (Editing by Kirsten Doovan)
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Quanta raises its annual revenue forecast due to strong US demand
Quanta Services beat expectations for the third quarter results and raised its revenue forecast on Thursday. Growing power needs in the U.S. drove the energy contractor’s electric and renewables businesses. The company, which provides infrastructure services to the utility, renewable energy and technology industries, as well as communications, pipelines and energy, benefits from the surge in power demand for data centers, as well as from aging power grids and electrification, as it also benefits from onshoring manufacturing in America. It raised its revenue forecast from $27.4 to $27.9 Billion to between $27.8 and $28.2 Billion, citing an acceleration in demand for the larger electric segment. According to LSEG, the Houston-based company reported a quarterly adjusted profit per share of $3.33, compared to analysts' estimates of $3.26, LSEG data shows. The revenue for the third quarter ended in September rose 17.5%, to $7.63billion, as compared to estimates of $7.39billion. Quanta's adjusted profit forecast was reduced to between $10.33 to $10.83 per common share from its previous view of $10.28 - $10.88, while maintaining the midpoint at $10.58, which is in line with its estimates. (Reporting from Aatreyee dasgupta, Bengaluru. Editing by Sahal Muhammad)
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India claims that companies are licensed to import rare-earth magnets from China
India's Foreign Ministry announced on Thursday that Indian companies had received licenses to import rare earth magnets. This signals a relaxation of Beijing's export controls. China has become more powerful in its trade wars with the U.S. because of rare earths. Rare earths are a grouping of 17 elements which play an important role in planes, cars and weapons. Randhir Jaiswal, spokesperson for the Indian foreign ministry, announced the licensing decision at a press briefing. He did not give details about the companies who received approval or the number of licenses granted. China is the only country that has a near-absolute control over the technology used to convert rare earth minerals into magnets. In an effort to strengthen its geopolitical power, Beijing has restricted the exports of these materials, including to India. China had a busy day earlier in the morning Delay is acceptable The introduction of the latest round of export controls on rare earths is part of a deal reached between U.S. president Donald Trump and Chinese leader Xi Jinping. However, previous restrictions are still in place. Beijing has significantly increased its Export controls on rare earths This month, the list of controls was expanded to include five elements new and dozens of technologies for refining. These rules require that foreign producers who use Chinese materials comply with China's system of export control. China announced new export restrictions on industrial diamonds and electric battery equipment on October 9. Battery-related restrictions caused a global rush of customers. Reliance Industries in India, for example, has been urged to speed up shipments by the deadline of early November. China's export restrictions on rare earths has highlighted the dangers of being dependent on a single supplier. The April curbs caused shortages which threatened to disrupt the global auto production. (Reporting and editing by Sudipto Ganuly and Ed Osmond; reporting by Shivam Patel, Surbhi misra)
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PBF Energy posts smaller-than-expected loss as refining margins improve
PBF Energy posted a smaller-than-expected quarterly loss on Thursday, as higher margins helped the U.S. refiner offset downtime at its fire-hit Martinez refinery in California. The U.S. refinery margins are up from multi-year-lows. They have recovered from last year's slump, when profits dropped from their post-pandemic peaks and supply shocks caused by Russia's invasion in Ukraine 2022 faded. Valero Energy, Phillips 66 and other rival refiners also reported positive quarterly results. PBF Energy’s gross refining profit, excluding special items and other costs, was $9 per barrel during the third quarter of 2016, compared to $6.79 per barrel a year earlier. The company's crude and feedstocks output fell from 935.600 barrels per day to 871,000 bpd in the quarter reported, down from 935.600 bpd one year ago. After a fire in February, the company has said that operations at its Martinez refinery remain limited. During the limited period of operation, the total throughput of the 157,000 barrel per day refinery is expected to range between 85,000 and 105,000 barrels. PBF Energy anticipates resuming full operation by the end of the year, depending on approvals from regulatory agencies and availability of critical equipment. The company has received insurance proceeds totaling about $500 million. It expects that the rebuilding costs will be covered in large part. The current quarter is expected to see a total refinery throughput between 860,000 and 910,000 bpd. PBF lost 52c per share adjusted in the third quarter compared to estimates of a 67c loss per share. According to data compiled and analyzed by LSEG. (Reporting by Arunima Kumar in Bengaluru; Editing by Sahal Muhammed)
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Investors weigh US-China trade discussions as they consider the Fed rate cut that led to a 2% increase in gold.
Gold prices rose 2% on Friday, due to a weaker dollar after the Federal Reserve cut rates and investors' uncertainty about the outcome of the trade agreement between China and the United States. As of 1109 GMT, spot gold rose 1.3% to $3980.00 per ounce. U.S. Gold Futures for December Delivery fell 0.2% to $3.991.50 per ounce. Lukman Otunuga is a senior research analyst with FXTM. He said, "Gold seems to be pushing up as investors digested the outcome of Trump-Xi's meeting and the Fed’s decision to reduce interest rates for a second time this calendar year." The U.S. Central Bank delivered a 25 basis-point rate reduction on Wednesday. This brings the benchmark overnight rate into a range of target rates between 3.75% and 4.00%. Powell has tried to temper expectations about further rate cuts, but traders still price in a 70% chance of a reduction by December. Fed Chair Jerome Powell stated that officials are still struggling to come to a consensus on what the future holds for monetary policies and warned markets not to assume another rate reduction in December. Gold that does not yield is a good investment in low interest rate environments and economic uncertainty. In the meantime, U.S. president Donald Trump announced that he had reached a deal with China to lower tariffs in exchange for Beijing continuing U.S. soy bean purchases, maintaining rare earths exports and crackingdown on illicit fentanyl traffic. China has agreed to postpone the implementation of its latest round rare earth export controls. However, earlier restrictions on these critical minerals which have disrupted global trade still remain. Trump made his remarks after a face-to-face meeting with Xi, in Busan, South Korea. This marked the end of a whirlwind Asia tour, during which he touted his trade successes with South Korea and Japan, as well as Southeast Asian nations. Silver rose 1% in spot price to $48.03 an ounce. Platinum gained 1% at $1,600.66, and palladium increased 2.9% to $1441.99. (Reporting by Ishaan Arora in Bengaluru; Editing by Sumana Nandy, Subhranshu Sahu and Shailesh Kuber)
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Maguire: New five-year plan to cut subsidies will focus on China's EV exports.
China's car industry has been a major disruptor of the global automaker industry for the last decade. Its electric vehicle producers have replaced combustion engine cars at home, and have also flooded the global market with record exports. The country may have to reverse its electric vehicle exports and output following a major policy shift that will reduce EV subsidies in the upcoming five-year plans. China's top industrial policymakers have omitted electric cars from the list of strategic industries in their 2026-2030 Development Agenda, China's main industrial strategy blueprint. Industry analysts interpret the omission as Beijing's willingness to let the market shape the EV industry after years of state-sponsored support. The subsidy reductions are expected to lead to a much-needed downsizing and rationalisation of the overcrowded sector that includes more than 150 different car manufacturers. The global auto market is expected to be affected by these changes. Many markets have been overloaded with cheap Chinese exports, which were shipped overseas when domestic markets were saturated. In the future, rival automakers may see growth opportunities in foreign markets that were previously clogged. The following is a list of the top destinations in the world for Chinese EVs sales over the past few years. This will give you an idea of where other automakers can find growth as Chinese companies start to retreat. MASSIVE REACH According to data from the energy think tank Ember (which includes Ember's own research), China exported EVs to more than 200 countries in 2025, bringing in a total of nearly $48 billion. Belgium was the top destination overall from January to September of this year, with sales worth approximately $5 billion. Brazil, Australia, and United Arab Emirates were also among the top 10 Chinese EV destinations in 2018. They purchased another $6.5 Billion of Chinese electric vehicles between them. This shows the broad range of markets that Chinese vendors have tapped. Europe is the largest market for Chinese EVs. Since the beginning of 2018, the continent has accounted for half of the total Chinese EVs exported. Europe has already imported about $20 billion worth of Chinese electric vehicles in 2025. Since 2018, exports to other Asian countries accounted for approximately 20% of the total and $12.5 billion in 2018. Latin America and Middle East are next biggest markets with sales of approximately $6 billion and $4 billion respectively in 2025. RAPID GROWTH EV exporters have expanded their sales to other regions, so that now every major auto market in the world has at least a sample of Chinese EV offerings. Africa has seen the biggest year-over-year increase in the imports of Chinese electric vehicles in 2025. The continent recorded a 184% jump in Chinese EV purchases from January to September in comparison to the same period in 2024. Ember data show that Africa has imported about $1 billion worth of Chinese electric vehicles so far this calendar year. This is a small amount compared to Europe, which imports around $20 billion. However, it is more than twice the amount Africa will receive in 2024. Middle East saw the second largest increase in Chinese EV imports in 2025. The jump was 71% from the same period in 2024, to $4.5 billion. Oceania, primarily Australia and New Zealand, has seen a 45% increase in sales this year. Asia (+43%) Europe (+10%), and Latin America (+17%) have also experienced steep increases in Chinese EV imports year-over year. In fact, North America is the only region that has seen a decline in Chinese EV exports. This has occurred primarily due to the ongoing U.S./China trade dispute. SURGE SALES EVs are a significant part of the export revenue that Chinese companies have received. Fourteen countries have already spent more than a billion dollars on Chinese EV imports in 2025. Another 12 have spent between $500 and $999 millions. The most impressive part is that 31 nations, from Ecuador to Armenia, Tajikistan and Myanmar to Myanmar have spent between $100 and $499 millions on Chinese EV imports this year. In the future, a large number of rapidly growing markets could be a lucrative hunting ground for other automakers. This is especially true if China's EV production drops sharply once the consolidation of the sector begins. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
Gunvor accepts the offer from Russia's Lukoil to purchase its foreign assets
Lukoil announced on Thursday that it accepted an offer by global commodity trader Gunvor for its foreign assets. Russia's second largest oil company has been seeking to sell these assets after Washington imposed sanctions last week.
The planned asset sales are the most significant action taken by a Russian firm in response to the Western sanctions over the conflict in Ukraine. This war began when Russia invaded its neighbor on a full scale back in 2022.
Lukoil announced in a press release that it had accepted Gunvor's offer to sell Lukoil International GmbH which controls foreign assets of the oil giant.
The parties have already agreed on the key terms. Lukoil accepted the Gunvor offer after agreeing not to negotiate with any other potential buyers.
Gunvor confirmed that it is in discussions with Lukoil about the potential acquisition of Lukoil's foreign assets.
GUNVOR USES PROFITS AFTER 2022 TO FUND ACQUISITIONS
The U.S. Treasury Department issued a license giving companies until 21 November to end any transactions with Lukoil or Rosneft - another Russian energy company targeted by a new round of sanctions.
Lukoil stated that if necessary, both parties will apply to extend the current license.
It added that the deal was subject to approval by Treasury's Office of Foreign Assets Control.
Gunvor became the largest trader of Russian oil in the world in the 2000s.
Gennady Tichenko was one of its shareholders. He is a close friend of Vladimir Putin and sold his Gunvor stake after the U.S. imposed sanctions on him following Russia's annexation in 2014 of Crimea.
Gunvor, like many other trading houses has benefited from the rise in oil and natural gas prices since the start of the Ukraine war and the European move to reduce its dependency on Russian energy.
Gunvor, along with its peers Vitol and Trafigura, have acquired assets from refineries and oilfields to power plants and winds farms.
LUKOIL FOREIGN ASSESSMENTS - FROM IRAQ AND AFRICA
Lukoil, headquartered in Moscow, accounts for about 2% of the global oil production.
West Qurna 2 in Iraq, a world-class oil field that it owns a 75% share of, is its biggest foreign asset. Interfax, a Russian news agency, reported that the field produced more than 480,000 barrels of oil per day in April.
The company also owns the Petrotel oil refining plant in Romania and the Lukoil Neftohim Burgas 190,000-bpd refinery, which is the largest refinery on the Balkans.
Lukoil provides oil to Hungary, Slovakia and Turkey's STAR Refinery, which is owned and operated by Azerbaijani state oil company SOCAR, and heavily dependent on Russian crude.
Lukoil has stakes in retail fuel chains and oil terminals in Europe, and also owns upstream, downstream and other projects in Central Asia and Africa. Reporting by Oksana Kobieva in Moscow, and Dmitry Zhdannikov at London; Writing and editing by Vladimir Soldatkin and Guy Faulconbridge.
(source: Reuters)